Prices & Performance

Prices

as of 06/15/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$29.34 $0.04 0.14% 2.23% 3.35% -2.23%

Performance

 

as of 05/31/18

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BREIX - Baron Real Estate Fund - I 1.09% -4.37% 10.01% 4.62% 8.98% 14.90% 1.06% 1.06%
MSCI USA IMI Extended Real Estate Index 2.84% -2.59% 7.24% 7.86% 9.36% 12.68%
MSCI US REIT Index 5.29% -3.54% -0.02% 3.49% 5.57% 10.12%
S&P 500 Index 2.80% 2.02% 14.38% 10.97% 12.98% 13.46%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

1Not annualized.

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

Expense ratios are as of the fiscal year ended 12/31/2017

as of 05/31/18

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Year Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
2017 31.42% 18.04% 3.74% 21.83%
2016 -1.75% 8.24% 7.14% 11.96%
2015 -4.42% 2.27% 1.28% 1.38%
2014 16.93% 17.96% 28.82% 13.69%
2013 27.48% 17.44% 1.26% 32.39%
2012 42.99% 27.00% 16.47% 16.00%
2011 0.80% -2.26% 7.48% 2.11%
2010 26.90% 24.81% 26.98% 15.06%

1Not annualized.

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

Expense ratios are as of the fiscal year ended 12/31/2017

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Record Date Ex Date Payable Date Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $1.412 $1.412 $29.47 31.42%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.066 $0.000 $0.000 $0.066 $23.62 -1.75%
10/05/2016 10/06/2016 10/07/2016 $0.000 $0.000 $0.000 $0.082 $0.082 $23.60 -1.75%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $0.458 $0.458 $24.83 -4.42%
09/23/2015 09/24/2015 09/25/2015 $0.011 $0.000 $0.000 $0.011 $0.022 $24.54 -4.42%
12/01/2014 12/02/2014 12/03/2014 $0.085 $0.000 $0.000 $0.000 $0.085 $25.67 16.93%
12/18/2013 12/19/2013 12/20/2013 $0.000 $0.032 $0.000 $0.000 $0.032 $21.79 27.48%
09/25/2013 09/26/2013 09/27/2013 $0.002 $0.000 $0.006 $0.015 $0.023 $20.64 27.48%
11/28/2012 11/29/2012 11/30/2012 $0.000 $0.000 $0.193 $0.113 $0.306 $16.92 42.99%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.092 $0.092 $11.57 0.80%
09/07/2011 09/08/2011 09/09/2011 $0.006 $0.000 $0.111 $0.006 $0.123 $11.79 0.80%

as of 05/31/18

Yields — SP Shares | BREIX  
Unsubsidized SEC 30-Day Yield 0.17%
Subsidized SEC 30-Day Yield 0.17%
Distribution Yield

SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.

SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).

SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.

Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.

Performance Characteristics

as of 03/31/18

3 Years 5 Years Since Inception
Standard Deviation (%) 14.85 13.46 15.94
Sharpe Ratio 0.22 0.64 0.93
Alpha (%) -2.07 -0.41 2.24
Beta 1.12 1.06 1.02
R-Squared (%) 80.07 77.64 84.52
Tracking Error (%) 6.77 6.40 6.28
Information Ratio -0.27 -0.03 0.40
Upside Capture (%) 103.14 102.16 107.09
Downside Capture (%) 117.73 105.17 97.10

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREIX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $29.34
Daily Change ($) $0.04
Daily Change (%) 0.14%
MTD 2.23%
QTD 3.35%
YTD -2.23%
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BREIX - Baron Real Estate Fund - I MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
QTD1 1.09% 2.84% 5.29% 2.80%
YTD1 -4.37% -2.59% -3.54% 2.02%
1 Year 10.01% 7.24% -0.02% 14.38%
3 Years 4.62% 7.86% 3.49% 10.97%
5 Years 8.98% 9.36% 5.57% 12.98%
Since Inception 14.90% 12.68% 10.12% 13.46%
Expense Ratio2 - Gross 1.06%
Expense Ratio2 - Net 1.06%

*As of 05/31/18

*Annualized as of 05/31/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

as of 03/31/18

3 Years 5 Years Since Inception
Standard Deviation (%) 14.85 13.46 15.94
Sharpe Ratio 0.22 0.64 0.93
Alpha (%) -2.07 -0.41 2.24
Beta 1.12 1.06 1.02
R-Squared (%) 80.07 77.64 84.52
Tracking Error (%) 6.77 6.40 6.28
Information Ratio -0.27 -0.03 0.40
Upside Capture (%) 103.14 102.16 107.09
Downside Capture (%) 117.73 105.17 97.10

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREIX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 05/31/18

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Year Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
2017 31.42% 18.04% 3.74% 21.83%
2016 -1.75% 8.24% 7.14% 11.96%
2015 -4.42% 2.27% 1.28% 1.38%
2014 16.93% 17.96% 28.82% 13.69%
2013 27.48% 17.44% 1.26% 32.39%
2012 42.99% 27.00% 16.47% 16.00%
2011 0.80% -2.26% 7.48% 2.11%
2010 26.90% 24.81% 26.98% 15.06%

1Not annualized.

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

Expense ratios are as of the fiscal year ended 12/31/2017

Select Year
Record Date 11/27/2017 11/28/2016 10/05/2016 12/02/2015 09/23/2015 12/01/2014 12/18/2013 09/25/2013 11/28/2012 11/28/2011 09/07/2011
Ex Date 11/28/2017 11/29/2016 10/06/2016 12/03/2015 09/24/2015 12/02/2014 12/19/2013 09/26/2013 11/29/2012 11/29/2011 09/08/2011
Payable Date 11/29/2017 11/30/2016 10/07/2016 12/04/2015 09/25/2015 12/03/2014 12/20/2013 09/27/2013 11/30/2012 11/30/2011 09/09/2011
Income $0.000 $0.000 $0.000 $0.000 $0.011 $0.085 $0.000 $0.002 $0.000 $0.000 $0.006
Return of Capital $0.000 $0.066 $0.000 $0.000 $0.000 $0.000 $0.032 $0.000 $0.000 $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.006 $0.193 $0.000 $0.111
Long-Term Capital Gain $1.412 $0.000 $0.082 $0.458 $0.011 $0.000 $0.000 $0.015 $0.113 $0.092 $0.006
Total $1.412 $0.066 $0.082 $0.458 $0.022 $0.085 $0.032 $0.023 $0.306 $0.092 $0.123
Re-Invest NAV $29.47 $23.62 $23.60 $24.83 $24.54 $25.67 $21.79 $20.64 $16.92 $11.57 $11.79
Calendar-Yr Return 31.42% -1.75% -1.75% -4.42% -4.42% 16.93% 27.48% 27.48% 42.99% 0.80% 0.80%

as of 05/31/18

Yields — SP Shares | BREIX  
Unsubsidized SEC 30-Day Yield 0.17%
Subsidized SEC 30-Day Yield 0.17%
Distribution Yield

SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.

SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).

SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.

Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.

Portfolio Characteristics

 

as of 03/31/18

Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index
Net Assets$1.02 billion
# of Equity Securities / % of Net Assets50/93.7%
Turnover (3 Year Average)49.98%
Active Share (%)73.60
Median Market Cap$10.23 billion$2.42 billion
Weighted Average Market Cap$26.95 billion$39.77 billion
EPS Growth (3-5 year forecast)14.8%11.9%
Price/Earnings Ratio (trailing 12-month)19.521.1
Price/Book Ratio2.72.0
Price/Sales Ratio2.62.1

The Net Assets include all share classes combined.

Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.

Holdings

as of 05/31/18

Open All Close All Holding Sector % of Net Assets

American Tower Corp.

American Tower Corp. (AMT) is the largest independent wireless tower operator worldwide, with 144,000 towers in 13 countries on five continents.

Real Estate 6.1%

Vulcan Materials Company

Vulcan Materials Company (VMC) is a leading supplier of aggregates products (crushed stone, sand, and gravel) for the construction industry, used for infrastructure, nonresidential, and residential projects.

Materials 5.9%

Home Depot, Inc.

Home Depot, Inc. (HD) is the largest home improvement retailer in the U.S. It operates 2,270 stores in the U.S., Canada, and Mexico.

Consumer Discretionary 4.8%

Equinix, Inc.

Equinix, Inc. (EQIX) is a network neutral operator of state-of-the-art data centers across North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers, among others.

Real Estate 4.3%

InterXion Holding N.V.

InterXion Holding N.V. (INXN) is a European provider of cloud and carrier-neutral colocation data center services. It has 50 data centers across 13 cities in 11 countries, over 118,000 square meters of equipped space, and 1,600 customers.

Information Technology 3.9%

MGM Resorts International

MGM Resorts International (MGM) is a casino hospitality company with properties in Macau, Las Vegas, and other regions across the U.S. 75% of its EBITDA is in the U.S., while 25% is from Macau. The company owns a 73.5% stake in gaming REIT MGM Growth Properties and a 56% stake in MGM China.

Consumer Discretionary 3.5%

Penn National Gaming, Inc.

Penn National Gaming, Inc. (PENN) is the largest and most diversified regional casino operator, with 23 facilities in 17 jurisdictions. It has been making acquisitions since 2015 and is currently finalizing its largest deal, the buyout of Pinnacle Entertainment, slated to close in the second half of 2018.

Consumer Discretionary 3.3%

Wyndham Worldwide Corp.

Wyndham Worldwide Corp. (WYN) is one of the largest hospitality companies, offering consumers a broad suite of services in the lodging, timeshare exchange, vacation rental, and vacation ownership businesses. They are in the process of spinning out their lodging business and selling the rentals business.

Consumer Discretionary 2.7%

Mohawk Industries, Inc.

Mohawk Industries, Inc. (MHK) is the largest player in the $18 billion U.S. flooring industry, with 22% market share. Flooring categories include carpets, rugs/mats, ceramic, stone, countertops, and laminate/hardwood.

Consumer Discretionary 2.7%

Extended Stay America, Inc.

Extended Stay America (STAY) is the largest owner and operator of mid-scale extended stay hotels in North America (40% of revenues from stays of 30+ nights). It owns and operates 600 hotel properties with 68,000 rooms in 44 states across the US with ~70% of operating profit derived from coastal states. 

Consumer Discretionary 2.6%

Total

39.8%

Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.

as of 03/31/18

Name Sector % of Net Assets

Interxion Holding N.V.

Information Technology 6.3%

American Tower Corp.

Real Estate 6.1%

Vulcan Materials Company

Materials 5.1%

Home Depot, Inc.

Consumer Discretionary 4.4%

Equinix, Inc.

Real Estate 4.3%

MGM Resorts International

Consumer Discretionary 3.8%

Mohawk Industries, Inc.

Consumer Discretionary 3.4%

Wyndham Worldwide Corp.

Consumer Discretionary 2.5%

Extended Stay America, Inc.

Consumer Discretionary 2.4%

Brookfield Asset Management, Inc.

Financials 2.4%

CBRE Group, Inc.

Real Estate 2.4%

Hilton Worldwide Holdings, Inc.

Consumer Discretionary 2.3%

Norwegian Cruise Line Holdings, Ltd.

Consumer Discretionary 2.3%

The Sherwin-Williams Company

Materials 2.2%

Martin Marietta Materials, Inc.

Materials 2.2%

Penn National Gaming, Inc.

Consumer Discretionary 2.2%

Hyatt Hotels Corp.

Consumer Discretionary 2.0%

Hilton Grand Vacations, Inc.

Consumer Discretionary 1.9%

Summit Materials, Inc.

Materials 1.9%

Lennar Corporation - Cl A

Consumer Discretionary 1.8%

CoStar Group, Inc.

Industrials 1.8%

Digital Realty Trust, Inc.

Real Estate 1.5%

Prologis, Inc.

Real Estate 1.5%

SBA Communications Corp.

Real Estate 1.5%

Marriott International, Inc.

Consumer Discretionary 1.4%

Invitation Homes, Inc.

Real Estate 1.4%

NEXTDC Limited

Information Technology 1.4%

Glenveagh Properties PLC

Consumer Discretionary 1.3%

Royal Caribbean Cruises Ltd.

Consumer Discretionary 1.3%

Eagle Materials Inc.

Materials 1.3%

Masco Corporation

Industrials 1.2%

MGM Growth Properties LLC

Real Estate 1.2%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.2%

Beacon Roofing Supply, Inc.

Industrials 1.2%

Alexandria Real Estate Equities, Inc.

Real Estate 1.1%

Boyd Gaming Corporation

Consumer Discretionary 1.1%

Douglas Emmett, Inc.

Real Estate 1.1%

Gaming and Leisure Properties, Inc.

Real Estate 1.1%

SL Green Realty Corp.

Real Estate 1.1%

Park Hotels & Resort Inc.

Real Estate 1.1%

SiteOne Landscape Supply, Inc.

Industrials 0.9%

Rexford Industrial Realty, Inc.

Real Estate 0.8%

Cellnex Telecom, S.A.

Telecommunication Services 0.8%

Housing Development Finance Corporation Limited

Financials 0.7%

Boston Properties, Inc.

Real Estate 0.6%

Forestar Group Inc.

Real Estate 0.5%

Gds Holdings Limited - Adr

Information Technology 0.5%

Loma Negra Compañía Industrial Argentina Sociedad Anónima

Materials 0.4%

Godrej Properties Limited

Real Estate 0.4%

TAUBMAN CENTERS INC

Real Estate 0.4%

GICS SECTOR BREAKDOWN

As of 05/31/18

As of 05/31/18

Colors of Sub-Industry bars correspond to the GICS sector chart.

Contributors/Detractors

Quarterly as of 03/31/18

Top Contributors Average Weight Contribution
CoStar Group, Inc. 1.92% 0.35%
InterXion Holding N.V. 6.41% 0.32%
CBRE Group, Inc. 2.36% 0.21%
MGM Resorts International 3.32% 0.15%
NEXTDC Limited 1.26% 0.10%

Quarterly as of 03/31/18

Top Detractors Average Weight Contribution
Macquarie Infrastructure Corporation 2.42% -1.76%
Mohawk Industries, Inc. 5.05% -0.81%
Vulcan Materials Company 4.93% -0.59%
Beacon Roofing Supply, Inc. 1.79% -0.35%
Equinix, Inc. 4.23% -0.30%

Source: FactSet PA.

Insights & News

Documents

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The MSCI USA IMI Extended Real Estate Index is a custom index calculated by MSCI for, and as requested by, BAMCO, Inc. The index includes real estate and real estate-related GICS classification securities. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Fund include reinvestment of interest, capital gains and dividends, which positively impact the performance results.

Definitions (provided by BAMCO, Inc.): Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index, and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns. It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index. The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero

Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.

Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). All GICS data is provided “as is” with no warranties.  The Adviser may have reclassified/classified certain securities in or out of a sub-industry.  Such reclassifications are not supported by S&P or MSCI.